Hi Friends
Can anybody tell me whether return of loss of Trust can be filed or not???
6 Replies
Late CA Sampat Jain
(Chartered Accountant)
(4772 Points)
Replied 30 October 2007
If you are talking about charitable trust ............NO
BHAVIK
(Senior Accountant)
(37 Points)
Replied 08 November 2007
If Receipts of Trust is More than Rs.100000 than that trust has to get thier account Audited and has to file Return whether there is Loss or Income
Ramakrishna
(Financial Executive)
(438 Points)
Replied 10 November 2007
Dear Bhavik,
Section 139(4A) warrants filing of return by a trust only when its total income exceeds the maximum marginal limit. For this purpose, the word 'total income' refers to the income without giving effect to the provisions of Section 11 and 12.
However, in cases where income is set apart for future purposes then unless the returns are filed in time how the same can be claimed?
Will any one clarify this doubt?
With regards.
dharmesh bilakhiya
(income tax sales tax)
(43 Points)
Replied 24 July 2009
respected all,
plz help me .......................... !
i have a turst whos income tax return is filed regurlarly and within time limit - from last several years - but from last 2-3 trust is in loss.
in current year trust is in profit.
my question is can we set off this loss in the current or not ............ ?
Recent Topics
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- Where can I find a trusted provider to hire a skip
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
Related Threads
CAclubindia
